- NZD/USD hovers around 0.69 handle after holding major trendline support at 0.6880.
- Upbeat GDP data along with strong GDT price rise seen this week could see some upside for the kiwi. Overall momentum however, remains negative.
- The pair remains capped below 5-DMA currently at 0.6911. Break above will see upside.
- Hammer formation at lows, slight bullish divergence noted on RSI.
- Support levels - 0.6892 (June 7 low), 0.6880 (trendline support), 0.68, 0.6770 (Apr 8th lows)
- Resistance levels - 0.6911 (5-DMA), 0.6947 (Dec 12 high), 0.70, 0.7064 (20-DMA)
Recommendation: Watch out for close above 5-DMA to initiate long trade.
FxWirePro's Hourly NZD Spot Index was at -56.7553 (Bearish), while Hourly USD Spot Index was at -25.2508 (Neutral) at 0640 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
